Humanization of pets to thank for a record-setting year for spending on pets
In 2013, spending on pets hit an all-time high at almost $56 billion. According to a 2014 article in CBS Money Watch, thanks to the humanization of our pets, services that support pets’ healthy, active, and wholesome lifestyle are in demand and growing rapidly. “Pets across America live like little humans these days—and as long as people treat them that way, pet spending should keep climbing,” says Bob Vetere, the president and CEO of the American Pet Products Association.
A significant part of these services pet owners are spending on include grooming, training, boarding, and pet-sitting. “Those services which include grooming, boarding, training and pet-sitting, grew by the largest percentage last year – 6.1 percent.”
And what we provide to Fido, he gives back to us ten-fold. “The health of people also plays a role in the robust outlook for the industry’s future,” says Vetere. “The body of science validating that pets are good for us is growing with strong research in numerous areas of health.”
With the amount people spend on their pets expected to grow past $60 billion in 2015, there is no limit to the services that the nearly 200 million dogs and cats in the United States will need over the coming months and years as pet spending remains on a healthy growth trail.